Capital Markets


Thomson League 2016

Sidley’s Capital Markets team includes more than 260 lawyers practicing in our offices in the United States, Europe, Asia and Australia. We represent issuers, underwriters and other financial intermediaries in structuring and executing securities transactions and disclosure matters in all of the world’s major financial markets. Our lawyers are qualified to practice law in the United States, England and Wales, Hong Kong, Singapore and Japan, and regularly work on matters involving the securities regulators and the securities exchanges in those markets.

Our Accomplishments

Sidley consistently ranks among the top global capital markets firms in the Thomson Reuters league tables, with strong showings as both issuer and underwriter counsel in major security type categories, including U.S. debt and equity and international, Asia Pacific and Australia bonds. In 2014, we ranked in 23 of the 38 categories in the survey by number of deals.

Practice NoteSidley’s corporate practice has been consistently recognized in The American Lawyer’s annual Corporate Scorecard. In 2015, Sidley’s corporate practice received several top five rankings by deal value, including No. 2 underwriter counsel for investment grade debt, No. 1 underwriter counsel for REIT debt and No. 2 underwriter counsel for REIT equities, No. 2 issuer and underwriter counsel for mortgage-backed securities, No. 2 underwriter counsel for asset backed securities and No. 3 issuer counsel for asset backed securities.

Our Locations

While our Capital Markets team coordinates its practice firmwide, each of our offices has its own focus areas. In the United States, our Capital Markets team is located in New York, Chicago, San Francisco, Los Angeles, Palo Alto, Houston and Washington, D.C. Outside the United States, our Capital Markets team is located in London, Hong Kong, Tokyo, Singapore and Sydney.

Our Products

We are widely recognized for the breadth and depth of our knowledge in securities offerings and disclosure matters, including the volume and variety of offerings handled, the complexity and innovative nature of the transactions on which we work and our experience across a broad range of industries. Our Capital Markets team, with the assistance of the Sidley practice teams listed below under “Supporting Practice Areas,” develop and execute securities products and offering structures that range from conventional to cutting edge, resulting in leading positions in many product categories.

Our Securities team's primary products include:

  • IPOs, privatizations and secondary equity offerings listed in the U.S., Europe, Asia and Australia;  
  • convertible and exchangeable securities;
  • preferred stock, trust preferred securities and other hybrid capital instruments;
  • high yield debt securities;
  • investment grade debt securities;
  • structured notes, including equity, commodity and currency-linked, indexed and other derivative note products;
  • medium term note, commercial paper, extendible note and other funding programs (U.S., European, Asian and global);
  • debt issued by sovereign entities; and 
  • Islamic bonds.

In addition to conventional capital raising and funding transactions and disclosure matters, our work includes acquisition and mezzanine financings, venture capital and PIPE financings, balance sheet restructurings, hedging, stock lending, debt and equity derivatives, debt and stock repurchases and consent solicitation.

In addition to our Capital Markets team, other Sidley practice teams work on securities transactions. Those teams, which are listed under “Related Practices,” focus on such areas as:

  • securities offerings by insurance companies;
  • securities offerings by mutual, closed-end, hedge and other funds;
  • private equity transactions;
  • U.S. municipal bonds and other tax-exempt securities; and
  • securitization, repackaging and other structured finance products.

Our Clients

Our clients include large and small companies and financial institutions operating in more than 100 business categories located all around the United States and the world, as well as a number of government and government-related entities. We represent virtually all of the world’s major investment banking firms, many regional investment banking firms and other financial intermediaries on securities transactions. We also advise over 100 public companies on securities transactions and ongoing reporting and disclosure matters.

Regions We Cover

Our Capital Markets team focuses on both regional and global securities offerings and listings. We work with issuers, investment banks and other institutions from around the United States and the world, including Africa, Asia, Australia and New Zealand, Canada, Europe, India and Pakistan, Latin America and the Middle East.

Our Capital Markets practice includes both domestic offerings and listings by U.S. issuers, “Yankee” offerings and listings by non-U.S. issuers and global or regional offerings and listings that are targeted outside the United States and listed on the London Stock Exchange, the Luxembourg Stock Exchange, the Irish Stock Exchange, the Hong Kong Stock Exchange, the Tokyo Stock Exchange, the Australia Stock Exchange or another non-U.S. securities exchange.

Our English, Hong Kong and Japanese lawyers often work with our U.S. lawyers on transactions that are targeted or listed outside the United States. In Hong Kong, for example, our Hong Kong and U.S. lawyers work together on Hong Kong Stock Exchange–listed IPOs with a Rule 144A tranche. In addition, our English, Hong Kong and Japanese lawyers work on debt and equity offerings and listings that do not involve a U.S. offering.

Regulators, Exchanges and Member Organizations

Our Capital Markets team continuously monitors and, where possible, participates in the regulatory developments that impact our clients’ transactions and stock exchange listings. Together with Sidley’s Securities & Derivatives Enforcement and Regulatory team, we particularly focus on the following regulators, exchanges and securities industry member organizations:

  • U.S. Securities and Exchange Commission, U.S. Financial Industry Regulatory Authority, UK Financial Conduct Authority and the Prudential Regulation Authority, German Financial Supervisory Authority, Hong Kong Stock Exchange and Japan Financial Services Agency
  • NYSE Euronext, NASDAQ, PORTAL, London Stock Exchange, Frankfurt Stock Exchange, Hong Kong Stock Exchange and Tokyo Stock Exchange
  • Securities Industry and Financial Markets Association, International Capital Market Association and UK Securities Institute

Supporting Practice Areas

In representing our clients, we rely to a significant extent on the skills of our colleagues on other teams that are essential to successfully structuring and executing transactions, including the following: Antitrust/CompetitionBanking and Financial ServicesCorporate Reorganization and BankruptcyCommunications RegulatoryCorporate Governance and Executive CompensationEmployee BenefitsEnergyEnvironmentalERISA LitigationHealthcareInsuranceInternational Trade/ArbitrationInvestment Funds, Advisers and DerivativesLabor, Employment and ImmigrationLife SciencesM&APrivate Equity, Products LiabilityProject Finance and InfrastructureReal EstateSecurities & Derivatives Enforcement and RegulatorySecurities and Shareholder LitigationTaxTechnology & IP Transactions and Transportation.

Team Publications

Relevant Links

Thomson League 2016

Sidley’s Capital Markets team includes more than 260 lawyers practicing in our offices in the United States, Europe, Asia and Australia. We represent issuers, underwriters and other financial intermediaries in structuring and executing securities transactions and disclosure matters in all of the world’s major financial markets. Our lawyers are qualified to practice law in the United States, England and Wales, Hong Kong, Singapore and Japan, and regularly work on matters involving the securities regulators and the securities exchanges in those markets.

Our Accomplishments

Sidley consistently ranks among the top global capital markets firms in the Thomson Reuters league tables, with strong showings as both issuer and underwriter counsel in major security type categories, including U.S. debt and equity and international, Asia Pacific and Australia bonds. In 2014, we ranked in 23 of the 38 categories in the survey by number of deals.

Practice NoteSidley’s corporate practice has been consistently recognized in The American Lawyer’s annual Corporate Scorecard. In 2015, Sidley’s corporate practice received several top five rankings by deal value, including No. 2 underwriter counsel for investment grade debt, No. 1 underwriter counsel for REIT debt and No. 2 underwriter counsel for REIT equities, No. 2 issuer and underwriter counsel for mortgage-backed securities, No. 2 underwriter counsel for asset backed securities and No. 3 issuer counsel for asset backed securities.

Our Locations

While our Capital Markets team coordinates its practice firmwide, each of our offices has its own focus areas. In the United States, our Capital Markets team is located in New York, Chicago, San Francisco, Los Angeles, Palo Alto, Houston and Washington, D.C. Outside the United States, our Capital Markets team is located in London, Hong Kong, Tokyo, Singapore and Sydney.

Our Products

We are widely recognized for the breadth and depth of our knowledge in securities offerings and disclosure matters, including the volume and variety of offerings handled, the complexity and innovative nature of the transactions on which we work and our experience across a broad range of industries. Our Capital Markets team, with the assistance of the Sidley practice teams listed below under “Supporting Practice Areas,” develop and execute securities products and offering structures that range from conventional to cutting edge, resulting in leading positions in many product categories.

Our Securities team's primary products include:

  • IPOs, privatizations and secondary equity offerings listed in the U.S., Europe, Asia and Australia;  
  • convertible and exchangeable securities;
  • preferred stock, trust preferred securities and other hybrid capital instruments;
  • high yield debt securities;
  • investment grade debt securities;
  • structured notes, including equity, commodity and currency-linked, indexed and other derivative note products;
  • medium term note, commercial paper, extendible note and other funding programs (U.S., European, Asian and global);
  • debt issued by sovereign entities; and 
  • Islamic bonds.

In addition to conventional capital raising and funding transactions and disclosure matters, our work includes acquisition and mezzanine financings, venture capital and PIPE financings, balance sheet restructurings, hedging, stock lending, debt and equity derivatives, debt and stock repurchases and consent solicitation.

In addition to our Capital Markets team, other Sidley practice teams work on securities transactions. Those teams, which are listed under “Related Practices,” focus on such areas as:

  • securities offerings by insurance companies;
  • securities offerings by mutual, closed-end, hedge and other funds;
  • private equity transactions;
  • U.S. municipal bonds and other tax-exempt securities; and
  • securitization, repackaging and other structured finance products.

Our Clients

Our clients include large and small companies and financial institutions operating in more than 100 business categories located all around the United States and the world, as well as a number of government and government-related entities. We represent virtually all of the world’s major investment banking firms, many regional investment banking firms and other financial intermediaries on securities transactions. We also advise over 100 public companies on securities transactions and ongoing reporting and disclosure matters.

Regions We Cover

Our Capital Markets team focuses on both regional and global securities offerings and listings. We work with issuers, investment banks and other institutions from around the United States and the world, including Africa, Asia, Australia and New Zealand, Canada, Europe, India and Pakistan, Latin America and the Middle East.

Our Capital Markets practice includes both domestic offerings and listings by U.S. issuers, “Yankee” offerings and listings by non-U.S. issuers and global or regional offerings and listings that are targeted outside the United States and listed on the London Stock Exchange, the Luxembourg Stock Exchange, the Irish Stock Exchange, the Hong Kong Stock Exchange, the Tokyo Stock Exchange, the Australia Stock Exchange or another non-U.S. securities exchange.

Our English, Hong Kong and Japanese lawyers often work with our U.S. lawyers on transactions that are targeted or listed outside the United States. In Hong Kong, for example, our Hong Kong and U.S. lawyers work together on Hong Kong Stock Exchange–listed IPOs with a Rule 144A tranche. In addition, our English, Hong Kong and Japanese lawyers work on debt and equity offerings and listings that do not involve a U.S. offering.

Regulators, Exchanges and Member Organizations

Our Capital Markets team continuously monitors and, where possible, participates in the regulatory developments that impact our clients’ transactions and stock exchange listings. Together with Sidley’s Securities & Derivatives Enforcement and Regulatory team, we particularly focus on the following regulators, exchanges and securities industry member organizations:

  • U.S. Securities and Exchange Commission, U.S. Financial Industry Regulatory Authority, UK Financial Conduct Authority and the Prudential Regulation Authority, German Financial Supervisory Authority, Hong Kong Stock Exchange and Japan Financial Services Agency
  • NYSE Euronext, NASDAQ, PORTAL, London Stock Exchange, Frankfurt Stock Exchange, Hong Kong Stock Exchange and Tokyo Stock Exchange
  • Securities Industry and Financial Markets Association, International Capital Market Association and UK Securities Institute

Supporting Practice Areas

In representing our clients, we rely to a significant extent on the skills of our colleagues on other teams that are essential to successfully structuring and executing transactions, including the following: Antitrust/CompetitionBanking and Financial ServicesCorporate Reorganization and BankruptcyCommunications RegulatoryCorporate Governance and Executive CompensationEmployee BenefitsEnergyEnvironmentalERISA LitigationHealthcareInsuranceInternational Trade/ArbitrationInvestment Funds, Advisers and DerivativesLabor, Employment and ImmigrationLife SciencesM&APrivate Equity, Products LiabilityProject Finance and InfrastructureReal EstateSecurities & Derivatives Enforcement and RegulatorySecurities and Shareholder LitigationTaxTechnology & IP Transactions and Transportation.

Team Publications

Relevant Links

News & Insights